Reference no: EM131104446
You have just been promoted from front-line supervisor to be one of the firm's senior managers. During your business education, you learned that the primary role of a manager is to make good decisions. As a supervisor, you had frequently been making routine decisions, but you realize that decision making for the overall company can and will have far greater impact on the company and its employees.
Your boss, the chief executive officer (CEO), realizes that you do not have much practice in this higher level, decision-making process and has asked you to write a memo describing your understanding of how to make important decisions.
Your memo should address the following questions:
- Describe at least 3 criteria that would determine whether the manager is making good decisions. What should be done to better assure that you are making a good decision?
- In the realm of decision making, what are assumptions? Rather than use a dictionary definition, cite several specific assumptions that would go with any real-life decision you have made or have seen made at a company at which you have worked.
- Given the importance of proper assumptions, your boss asked you to assess the accuracy of certain business assumptions and what could you do to test or confirm the credibility of them. The following were major assumptions for each firm:
- An automobile manufacturer's assumption that the demand for SUVs would continue because gas prices would continue to rise
- An airline's assumption that there was a need for an airline that provided no added amenities.
|
Obtaining uniform random numbers
: Obtaining uniform random numbers as instructed at the beginning of the Problems section, use the inverse transformation method and the table of the normal distribution given in Appendix 5
|
|
Concepts of project portfolio management
: To understand the full magnitude of multiple projects and a portfolio of projects, you will need to assess the effectiveness of the management of multiple projects and a portfolio of projects through research. You will have to determine what key a..
|
|
The cumulative distribution function
: The random variable X has the cumulative distribution function F(x) whose value or derivative F(x) is shown below for various values of x.
|
|
Estimate the theoretical maximum efficiency of this heat
: Estimate the theoretical maximum efficiency of this heat engine. Assume hand temerature is 32?C and room temperature is 23?
|
|
What are assumptions
: In the realm of decision making, what are assumptions? Rather than use a dictionary definition, cite several specific assumptions that would go with any real-life decision you have made or have seen made at a company at which you have worked.
|
|
Calculate the net present value of waiting for the patent
: A venture capitalist named Kevin is considering a pitch from an entrepreneur who has invented a smart toaster, which is a wifi-enabled cooking appliance that alerts users via text-message when their toast is ready. The entrepreneur has submitted an a..
|
|
International market sufficiently competitive
: Are the trade policies in your selected international market sufficiently competitive to attract new companies in a particular industry?
|
|
Spreadsheet model for performing a simulation of the throw
: The game of craps requires the player to throw two dice one or more times until a decision has been reached as to whether he (or she) wins or loses. He wins if the first throw results in a sum of 7 or 11 or, alternatively, if the first sum is 4, 5..
|
|
What is the major distinction
: What is the major distinction?
|